| Good morning. More travel curbs are being put in place, the debate on Biden's infrastructure bill rages on and U.S. banks are boosting payouts. Here's what's moving markets. U.K. CurbsThe U.K. is facing a series of renewed restrictions for travelers amid continued concern about the Delta coronavirus variant. Portugal and Spain imposed new curbs on U.K. visitors and Germany is pushing for a more coordinated response from European Union members in an attempt to prevent the strain from taking hold in the bloc. Hong Kong banned passenger flights from the U.K. too. The news slammed European airlines and tour operators, adding to the worry that the key summer season will be a wash. Infrastructure HeadacheThe tentative bipartisan infrastructure deal struck by U.S. President Joe Biden continues to garner plenty of attention. Senate GOP Leader Mitch McConnell wants Biden to pressure Democratic congressional leaders to separate the plan from a larger tax and spending bill, an attempt to head off an effort to fast-track a Democrat-only bill that would include trillions in spending and tax hikes on the wealthy. The more liberal wing of the Democrats is anxious that Biden won't meet their ambitions on voting rights, social programs or climate policy, while wealthy families may see some legal tax-avoidance measures disrupted or dismantled. Spat AvertedA fresh spat over post-Brexit fishing rights was averted after a transition period for French vessels was extended by Jersey. The extension by the British isle comes ahead of the grace period on chilled meats products transported from Great Britain to Northern Ireland, dubbed the "sausage war," which is expected to be extended from its current date of June 30 too. The European Union has also given its formal blessing to a decision which will guarantee the free flow of data between the EU and the U.K. Payback TimeU.S. banks are boosting payments to shareholders after passing the Federal Reserve's stress tests last week, allowing them to break free from restrictions set up due to the coronavirus pandemic. Morgan Stanley is doubling its payout and plans as much as $12 billion in stock buybacks, leading the pack, while dividend payments from the largest lenders are set to rise by almost half on average. This puts the spotlight on when European banks will be able to do so and if they can be as generous as their American counterparts. Coming Up…Asian stocks dipped amid concerns that the Delta strain of Covid-19 will dent economic recovery, as infections spread in Australia with Brisbane becoming the fourth regional capital to lock down. The earnings calendar is quiet again, while the economic agenda is topped by euro-area confidence data and the latest update on U.K. house prices. ECB President Christine Lagarde will be speaking on Tuesday at the Brussels Economic Forum and her words are likely to be closely scrutinized amid a policymaker split on the way forward. What We've Been ReadingThis is what's caught our eye over the past 24 hours. And finally, here's what Cormac Mullen is interested in this morningFresh records for U.S. stocks this week but there is a palpable sense of fear in some corners of the market. The Cboe Skew Index, which tracks the cost of tail-risk equity protection, hit the highest on record at the end of last week. It climbed to levels well above those seen at the height of coronavirus worries, the global financial crisis and the dotcom bubble. Credit Suisse's Fear Barometer -- a gauge of investor sentiment derived from the options market -- is also just off a three-year high. Neither are evidence that a correction is coming but they do suggest at least some investors are acting like one might. With the first half of the year almost over and the S&P 500 Index up a whopping 14% -- its second-best gain since 1998 -- it would be prudent to prepare for some softness ahead.  Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo. Like Bloomberg's Five Things? Subscribe for unlimited access to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. | 
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